Charlotte NC Real Estate - Charlotte NC Homes For Sale | Zillow (2024)

FAQs

Are home prices dropping in Charlotte, NC? ›

About 1 in 3 houses for sale in Charlotte saw price cuts recently, according to Redfin data. Why it matters: Home sellers across the country are increasingly offering discounts to entice buyers hampered by high housing costs.

Homebuyers in Charlotte need to make $111,051 to afford a mortgage, which is nearly double what it was four years ago: Income needed to afford a mortgage in 2024: $111,051. Change in needed income since 2020: $55,239.

Uptown is considered one of the best neighborhoods in Charlotte, NC, as it's truly the city's heartbeat, pumped full of tech startups, creatives, restaurants, bars, the city's top museums, gobs of nightlife and entertainment options, and a true big-city feel.

The months from March to June are the best time to buy a house in North Carolina. This is due to the higher inventory, increased competition among sellers, and potentially lower asking prices.

The median salary in Charlotte, NC is $52,613, with 80% of salaries falling between $26,100 and $126,636.

Is it a buyer's or seller's market in North Carolina? It is considered a seller's market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 6.5%, making the average house payment $2,453, which is $197 lower than a year before.

With a $70,000 annual salary and using a 50% DTI, your home buying budget could potentially afford a house priced between $180,000 to $280,000, depending on your financial situation, credit score, and current market conditions.

Based on these figures and the 28% rule, you would need to earn about $66,903.57 per year to afford a $250,000 home with a 20% down payment — or about $81,171.43 per year to afford it with no down payment.

As a general rule, the safest neighborhoods to live in Charlotte are in East and South Charlotte. That doesn't mean many communities in other areas, including downtown or Uptown Charlotte, aren't also safe! However, you'll find the lowest crime rates in these communities.

Where do millionaires live in Charlotte, NC? ›

Eastover | A Rich Charlotte Neighborhood in a Central Location. Eastover is one of the richest neighborhoods in Charlotte, with a household income of $223,000 and a median home price of over $1.8 million. Located in Southeast Charlotte, Eastover is a safe, well-to-do neighborhood in a central location.

buying is essential for maximizing financial benefits and minimizing tax liabilities. North Carolina offers diverse housing options ranging from urban apartments to suburban single-family homes and rural retreats.

Charlotte Housing Market Trends

In June 2024, Charlotte home prices were up 4.7% compared to last year, selling for a median price of $445K. On average, homes in Charlotte sell after 36 days on the market compared to 32 days last year. There were 1,027 homes sold in June this year, down from 1,220 last year.

“The Charlotte area started to catch up in terms of supply in 2018 and 2019. Lots of houses or apartments were being built,” Chu said. “But the pandemic completely disrupted that because of the (supply chain) issues and COVID restrictions. Those two years alone created a deficit of about 10,000 housing units.”

Charlotte home values are appreciating rapidly.

Prices continue to rise at a rate of 9.2% annually. As of February 2024, the Charlotte metro area saw an impressive 8.2% year-over-year growth. Within the city of Charlotte, Redfin reported a much slower year-over-year growth rate at just 1.8% as of March 2024.

The average home value in the Charlotte-Concord-Gastonia area is $386,254. Additionally, the 1-year market forecast predicts a 1.7% increase, making it a promising market for investors (as of July 31, 2024).

Of the most expensive metros, five in North Carolina ranked among the top overpriced areas: Charlotte, Durham, Winston-Salem, Greensboro and Raleigh.

Report rates Charlotte and Raleigh housing markets. Housing unit shortage, plus newcomers with deep pockets, have made homes in biggest NC metro markets too costly for many people.